EU Referendum Statement

Dear Member

Following the referendum decision to leave the European Union I wanted to explain our position and the impact on our organisation.

Firstly, can I reassure you that we do not convert your investment into foreign currencies but hold our total Share Capital in Sterling.  We do, however, use these funds as security to borrow Dollars and Euros which we then lend to fair trade producers and buyers.  We are therefore impacted by any currency fluctuations and, ultimately this dictates how far our capital can stretch. 

Due to the result there is significant volatility in the financial markets and the pound has fallen to its lowest level in 30 years. This means that although we are in a position to fulfil all our current lending requirements we have limited scope to meet further requests at the existing exchange rate.  We know our members are very loyal and we are depending on your continued support as we look to raise further investment to deliver our mission.

We are monitoring the situation carefully and will issue a further update if required. 

 Patricia Signature

Patricia Alexander, Managing Director